Crime Spree Takes Bite out of Major Supermarket Profits

Crime Spree Takes Bite out of Major Supermarket Profits
Woolworths store in Sydney, Australia on Aug. 25, 2016. Peter ParksAFP via Getty Images
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Major Australian supermarkets have witnessed a significant spike in thefts that have cut into the companies’ profits.

Woolworths Group reported a 4.6 percent increase in its fiscal 2023 net profit to $1.62 billion (US$1.04 billion) from $1.55 billion, noting that stock loss from theft and investment in its Everyday Rewards program partly offset its gross margin growth.
Celene Ignacio
Celene Ignacio
Author
Celene Ignacio is a reporter based in Sydney, Australia. She previously worked as a reporter for S&P Global, BusinessWorld Philippines, and The Manila Times.
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